Alinma inks affordable mortgage deal with Saudi REDF

07/03/2017 Argaam

Alinma Bank has signed a 25-year, affordable mortgage program with the Saudi Real Estate Development Fund (REDF) to provide finance for homebuyers, the bank said in a statement.

 

Last October, the Saudi cabinet issued directives calling for coordination among the ministry of housing, ministry of finance, and the Saudi Arabian Monetary Authority (SAMA) to launch an affordable mortgage plan.

 

Under the program, home buyers are responsible for a down payment of 15 percent of the property’s value, and commercial banks should finance 70 percent. An additional 15 percent that would be guaranteed by the Ministry of Finance.

 

Saudi authorities have lately taken steps to boost home ownership in the kingdom, as a shortage of affordable housing has been a common social and economic grievance among Saudi nationals.

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